On September 14th 2021, our community had a chance to welcome Sypool– Sypool (http://sypool.io/ ) is a synthetic asset management protocol built on Solana.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the Sypool directly greeted the community and provided detailed information as well as some key products and future plans.
Time: 06:00 PM (UTC + 7) on Tuesday, Sep 14th, 2021
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1:To kickstart today's AMA, please introduce briefly about your team and some key features of Sypool Protocol.
Sypool:Hello, everyone. I’m Jackson, co founder of Sypool. I’m also the founder of quantum technologies, which manages more than $300 million of quantitative funds.
Our team members have worked in well-known hedge funds and delivered some very great performances in quantitative trading. As for our technical members, they have designed several projects providing social network and startup tools aggregators.
Sypool is an asset management protocol on Solana, where investors exchange our fund shares with their tokens (i.e. BTC, ETH, SOL…). Like traditional funds, investors are offered professional financial services, while fund managers have a platform to raise money (tokens).
However, our fund managers not only have traditional ways (Buy low, Sell high) to earn yield for our investors, they have more “blockchain” ways to benefit fund share holders.
In some aspects, Sypool is more than a blockchain fund, because our fund shares are also a kind of token. Therefore, they can do almost everything other tokens can do.
In short, we have innovative products, like the Quant SAP; we have a professional team with much experience in quantitative trading; we have a unique farming mechanism; we have an insurance treasury to protect investors from managers’ misconduct and hacker attack.
Question 2: Next, please share with us the roadmap of Sypool in the coming time
Sypool:Now it is 2021 Q3, we have launched our testnet, the fund trading competition on testnet is still ongoing. We are about IDO on Dexlab and will list on both Dex and Cex.
After listing,staking will be available soon.
In 2021 Q4,
- Cross-chain Testnet Launch
- New Manager Application Test
- Community Governance Test
- Dashboard: ETH/BTC Standard
In 2022 Q1,
- Mainnet Launch
In 2022 Q2,
- Quantitative Strategy Pool
- LP Token Staking
- Collateral For Stable Coin
- Lottery Plan
- NFT Rewards
Question 3: Could you please update some latest news or big events of Sypool in the coming time?
Sypool:We are launching IDO on Dexlab!!! 💪
Whitelist submission will be open from Sep 14th 14:00 UTC to Sep 16th 14:00 UTC.
Check this article for guidance.
Questions for Part 2 - Pre-collected questions from Twitter:
Question 1: Seems like the Solana ecosystem is growing rapidly. Sypool Protocol is a synthetic asset management protocol built on Solana, will that help provide unlimited liquidity on Solana network? Could you share more details of the products that will be developed on the Solana chain? @Alley19399335x
Sypool:Solana’s magic is not only the speed but the integrated liquidity as well.
Unlike other defi protocols on Solana, we add another-level liquidity by providing synthetic assets.
Most our pool managers would launch the trades on Solana’s DEX, bringing more trading volume on Solana’s ecosystem.
Besides, the synthetic share token, SAP, which represents the ownership of a certain part of every pool, is another tradable token on the markets.
Therefore, we could provide liquidity in these two aspects.
Question 2: Sypool Protocol has 2 tokens, Governance Token (SYP) + Each Pool's Share Token (SAP). Why are you using 2 tokens on the same platform? How do they support each other? Also, can use SYP to mint SAP, how does this minting process work? Does SAP's value depend on SYP? @Lidiamga
Sypool:It’s more like the reverse.
SYP’s value depends on SAP. In our protocol, SAP is similar to the mutual fund shares.
For now, we accept USDC and SYP to mint, or buy, SAP. And during that process, a small fee would be charged as management fee.
And that fee will be used to buy back SYP from the market and burn SYP.
Question 3:In your whitepaper you mention that SYP_Protocol values customers as partners. Could you tell us what responsibilities and duties do customers have within the $Sypool platform? Also, how do you encourage them to continue contributing? @ashes204bd
Sypool:At the early stage, we launch several giveaways to reward those who contribute to enlarge our community.
Later on, we hosted the NFT design campaign to find the suitable banner and NFT design for our protocol. We also rewarded the designers.
After the mainnet launch, for early minters, we will reward them SYP, 3% of total supply would be distributed in that rewards.
A bit later than that, we would build our DAO system. SYP would be used to vote and propose.
Therefore, we don’t want to view our community members as “customers”. Since we are on the same boat, we are more like partners.
Question 4: What are the tokenmetrics details of $SYP? How does $SYP work as a utility token for the network and how does it benefit both the network and the owner in the long term. Is there any reward mechanism for holding the tokens? @PearlineCarr4
Sypool:SYP’s value is based on SAP, project development and community growth. Holding SYP means being a stake-holder in the system.
We couldn’t promise hodling is profitable. But we could promise providing professional management for SAPs, keeping developing our protocol and focusing on community desires.
But like many other DEFI protocol, we have put aside 50% of the total supply for staking. So, for long term holder, staking and earning staking reward is always an option.
Question 5:I read that after SAP is minted, trading pairs like BTC-SAP/ ETH-SAP will be created on the Dex. Due to the volatility of these currencies, why didn't you choose stablecoins like USDT, USDC to protect reward values? And in what way will users be able to grow their values & reward? @SyminuL
Sypool:Actually there will be many trading pairs created, including stablecoins pairs, eth pairs and btc pairs.
Some DEXes even allow their users to create any trading pair as long as they pay the creation fee.
We would accept those popular trading pairs and allow their LP tokens to stake and earn SYP in our protocol.
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1:What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
Sypool:Finally we will be a comprehensive Defi platform. For now, we are only an asset management protocol but we will make our own eco system. We want to provide a platform for professional fund managers to raise funds (tokens) thus provide professional financial services to users.
We are launching IDO on Dexlab now and will list on Cex and Dex. After listing, staking will be available soon.
Question 2:I want to know what makes this project stand out, what makes it different from other projects that might be similar. Also, what is your maximum potential? And what are the outstanding features of your Project and how do you attract customers?
Sypool:Our highlight is the Quan SAP and tokenized fund shares. As I known, we are the first protocol provide quantitative products. We only allow professional fund managers to set up pools on our protocol. About the fund shares, SAP, they can also trade on secondary market.
Question 3:Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I'd like to know who your ideal consumer is for your product?
Sypool:Of course. Community are also our partners. Last week, we received a feedback that there was some quotation issue and we checked with our tech team and fixed it. We sent him the price difference also we would reward him.
Anyone could be our consumer. He/She could mint SAP or participate in our community events to contribute.
Question 4:STAKING is one of the STRATEGIES to ATTRACT USERS and HOLD Them and long term.Does your GREAT PROJECT have plan about to Staking share please ?
Sypool:We don't think staking is the only way to attract users, High APY is not good for long-term development. We try to make value for them by our professional management as well as making SYP more useful. But we have prepared several staking pools such as SYP pools and LP token pools. In the future, we probably would set aside staking pools for partners.
Question 5:DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is Sypool approach towards the DeFi sector?
Sypool:Defi as far as I understand is more like open finance which means everyone deserves financial services not only the rich ones. Right now, Defi are more than finance, like gamefi, we would probably integrate games in our eco system. Our protocol is trying to be the gate for Defi ensuring everyone could enjoy this world
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below: